The struggling First State Bancorp. in Albuquerque narrowed its first-quarter loss by 36% from a year earlier, to $15.7 million, as it cut its credit costs by half.
The $2.8 billion-asset First State said Monday that its provision totaled $16.2 million, compared with $33 million a year earlier. Also, First State said its nonperforming assets totaled $357.4 million, making up 12.4% of total assets, at the end of the quarter.
That was a 97% year-over-year increase and an 11% rise from the end of the fourth quarter.
Its First Community Bank unit remains adequately capitalized, with a total risk-based capital ratio of 8.03%.
